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Ghana: Local SMEs want Islamic banks to boost business

Posted on 25 September 2012

Despite the policy by Bank of Ghana (BoG) not to license Islamic Banks to operate in the country, there are good reasons for the central bank to permit these no-interest-on-loans financial institutions, for which some players in the Small and Medium Enterprises (SMEs) sector and experts are urging BoG to rescind its decision.
Since the early 2000s, BoG has refused to give licences to Islamic Banks that approached it to do business in the country. Some attributed the central bank’s stance to persistent lobbying by the commercial banks which stand to lose when Islamic Banks operate in Ghana………………………………………..Full Article: Source

 
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